Jakarta-headquartered PT Bank Mandiri Tbk, the largest banking group in Indonesia in terms of assets, loans and deposits, has selected the Avaloq Banking Suite to run its US$14 billion AUM wealth management division. The mandate, which Avaloq won after a highly competitive tender process, increases the Swiss fintech’s Asia-Pacific client base and comes after a number of high-profile regional client wins and expanded partnerships in 2019.
Bank Mandiri’s 2020 vision is to be both Indonesia’s, and the wider ASEAN market’s most pre-eminent bank, with a continued strong lead in the fast-growing affluent segment in Indonesia. Its wealth management division, which has around 50,000 clients overseen by 20 private banking relationship managers and in excess of 200 priority banking managers, is forecast to increase its assets under management by 30% by the end of 2020.
Avaloq has been selected to help the bank capitalize on market opportunities and the need for enhanced digital-led service capabilities. Bank Mandiri’s wealth management division currently depends on several systems to support areas such as mutual fund and securities processing as well as customer portfolio views. The Avaloq Banking Suite will allow the institution to bring all areas, including CRM, onto one platform, delivering powerful scale benefits and greater data analytics at better cost.
Avaloq has continued to expand in the Asia-Pacific region, winning new clients and expanding existing relationships as all financial institutions look to take advantage of the powerful, competitive benefits that digital processes and cloud-based business models can deliver.
Avaloq’s regional clients include DBS Bank, Maybank, and Kasikorn Bank in Southeast Asia as well as Agricultural Bank of China, China Industrial Bank, and China CITIC Bank International in North Asia.